SECP Issues Show-Cause Notices to Hajj Tour Operators Linked to Maulana Fazlur Rehman’s Close Associate
PESHAWAR: The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to Hajj tour operators allegedly linked to Mufti Abrar, a close associate of Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman, over alleged irregularities in company ownership records.
According to a report, discrepancies have been identified in the ownership records of three companies associated with Al-Afwa Group and allegedly linked to Mufti Abrar’s family members and associates.
The SECP has issued show-cause notices to Sajjad Travels, Al-Rehab International and Shukar Al-Faizan Travels, which are reportedly associated with Mufti Abrar.
The notices seek explanations from the Hajj tour operators for allegedly failing to submit the required information about their ultimate beneficial owners (UBOs).
Shukar Al-Faizan Travels has been issued a show-cause notice over alleged non-compliance with legal requirements under the Companies Act 2017.
Al-Rehab International received a notice for failing to submit the required beneficial ownership information for 2023, while Sajjad Travels and Tours was also served a show-cause notice for allegedly not providing the mandatory ownership records.
The SECP has directed all three Hajj tour operating companies to submit their explanations within 14 days.
The notices seek clarification regarding alleged discrepancies and non-compliance in the companies’ ownership disclosures and statutory reporting requirements.
